Despite new legislation put in place to protect students from troublesome credit card practices, many young people continue to find ways around the regulations. As a result, they may end up needing credit repair.
In a recent study, nearly one-third of all freshman undergraduates at a test university had at least one credit card, the Fort Worth Star-Telegram reports.
While some students will use their cards responsibly, many could end up with credit damage by not checking their credit reports. Since parents and teachers often fail to highlight the importance of this document, young people may not know they are building a credit history by using their cards.
Since many don't check these documents they could be at an increased risk for falling victim to a questionable error, even if they make timely payments. This is because credit reporting agencies often make mistakes.
These students may not catch errors until years later, when they are much harder to dispute. As a result, young people can benefit by checking their reports with their parents and contacting a credit lawyer if they find an errant item.